2024 Universal Registration Document

Biogenic emissions are not included in total Scope 1, 2 and 3 emissions. They were estimated at around 90,000 tonnes of biogenic CO₂ for Scope 1 and 20,000 tonnes of biogenic CO₂ for Scope 2 in 2024, or about 5% of the Group’s Scope 1 and 2 emissions (see paragraph 5.3.3.1, “Scope 1 and Scope 2 greenhouse gas emissions”, of the methodology note, page 274).

VINCI does not use internal carbon pricing, a tool that the Group considers to be too restrictive, since it deals only with carbon emissions while overlooking wider impacts on natural environments and neglecting circular economy principles. Instead, the Group favours an approach based on life cycle assessments (LCAs) and the carbon footprint of projects, which leads to a more accurate and comprehensive evaluation of environmental impacts, without a monetary value. This same approach is applied to review the environmental solutions competing in VINCI’s Environment Awards.

Direct greenhouse gas emissions

In 2024, emissions totalled 2.2 million tonnes of CO₂, of which 2.0 million tonnes of CO₂ for Scope 1 and 0.2 million tonnes of CO₂ for Scope 2 using the market-based approach. Market-based emissions decreased 8% from 2023, in line with the reduced energy consumption over the year, especially for carbon-intensive energy such as diesel, and the increased use of renewable energy.

Greenhouse gas emissions by business line, with change

Indirect greenhouse gas emissions

In 2019, the baseline year, VINCI’s indirect emissions (Scope 3), adjusted for acquisitions and disposals over the period, totalled approximately 49 million tonnes of CO₂ (adjusted for acquisitions and disposals). At 31 December 2024, the Group’s Scope 3 emissions amounted to 48 million tonnes of CO₂, a slight reduction from 2019. In this figure, upstream emissions account for 38% and downstream emissions 62%. Two GHG Protocol categories alone account for nearly 95% of emissions: purchases of goods and services and the use of built, operated and maintained infrastructure.

About 88% of upstream emissions, totalling around 18 million tonnes of CO₂, come from purchases, primarily construction materials (concrete, steel, bitumen, etc.).

Downstream emissions amount to almost 30 million tonnes of CO₂, of which 16 million tonnes due to traffic on VINCI Autoroutes motorways and 4 million tonnes associated with the landing and take-off (LTO) cycle and passenger access at VINCI Airports as well as road traffic on networks operated by consolidated VINCI Concessions companies. The VINCI Highways business scope was limited to fully consolidated concession companies.

Other downstream emissions, estimated at nearly 10 million tonnes of CO₂, mainly include emissions associated with the use of equipment installed by VINCI Energies and the use of buildings completed by VINCI Construction.

Given that biomass energy combustion in the value chain is not significant, the Group’s biogenic Scope 3 emissions are deemed not material.

2.2.3.3 Progress against emissions reduction targets – Scopes 1 and 2

In 2020, VINCI built a methodology to monitor its progress towards meeting its commitment to reduce the Group’s direct emissions (Scope 1 and market-based Scope 2) by 40% between 2018 and 2030. This methodology enables the Group to track its progress each year against its projected emissions reductions. These projections are used to evaluate the Group’s performance between 2018 and 2030. They have been designed to take into consideration the Group’s commitments and the pace of actions toward reducing emissions put in place by each business line. VINCI’s low-carbon pathway takes into consideration any changes in scope within the business lines, as well as the organic growth of the Group’s main businesses. Each newly acquired company is integrated into the Group’s emissions reduction actions. The projected emissions reductions and the amount of gross emissions to be reduced are therefore adjusted for these acquisitions, while disposals are removed from the scope. This method is used to limit the adjustments and estimates needed to incorporate changes in scope, while objectively reporting on the Group’s actions and its alignment with its reduction goal (see paragraph 5.2, “Changes in scope”, of the methodology note, page 274).

In 2024, VINCI business lines acquired 71 entities, which emitted 12,000 tonnes of CO2 equivalent over the year, and disposed of eight entities, which emitted 15,000 tonnes of CO₂ equivalent over the year. Total emissions in the baseline year of 2018, after adjusting for the total impact of acquisitions and disposals between 2018 and 2024, were thus 2.8 million tonnes of CO₂. At end-2024, the Group had reduced its greenhouse gas emissions by 21% compared with 2018 levels through measures taken by business lines, particularly the use of renewable energy.